Cardano snuck into the cryptocurrency picture in October 2017, a period when the market was all bullish. There could have been no better time for any cryptocurrency to enter the market. Within the first week of launch, the coin’s value skyrocketed and so did the trading volume. But it appeared the cryptocurrency world was yet to witness the coin in all its glory. By January 2018, ADA (the Cardano token) clocked an all-time high of $1.32 and it also achieved a peak market cap of $33 billion. Although Cardano later cooled off following the stagnation of the cryptocurrency market during the Q1 of 2018, it is safe to say Cardona has established itself as one of those that have come to stay.
What is Cardano?
Cardano is a blockchain project that is built on a framework that’s similar to Ethereum. The major application as designed by the team behind the coin is to give room for smart contracts and decentralized applications. Although the Cardano framework is quite similar to Ethereum’s, there are a lot of key differences that make it more than just an Ethereum wannabe. Here are some of them:
- Cardano came about as a result of peer-reviewed academic research. There appears to be a strong scientific community behind the Cardano project. Asides the ultra-detailed white paper, about 5 different scientific reviews of the technology behind the Cardano project have been published.
- Cardano allows for smart contracts and still brings in the qualities of scalability and affordability
- Cardano appears to pay more attention to security vis-à-vis privacy. The team behind Cardano have hinted at a need for regulation that would be jeered to protecting traders while still maintain their privacy
The Cardano project is currently handled by three different companies; the Cardano Foundation, IOKH, and Emurgo. The major developers behind the team are Charles Hoskinson and Jeremy Wood, both former developers at Ethereum. The team embraces professional programmers from all over the world and there is also a rigorous peer-reviewed approach. Furthermore, the Cardano blockchain technology is open source and the community can constantly review the program for bugs. All these are part of what makes Cardano even more appealing as there is hardly any other coin that can boast such a reliable team and high level of transparency.
Ada is the cryptocurrency accepted by the Cardano blockchain. The total market supply has been capped at 45billion. The coin would power all transactions on the Cardano network, while still allowing users to send money, deposit funds on an exchange, and make payments for goods or services.
The Cardano network owns the Daedalus wallet. For now, the wallet only stores ADA, the official Cardano token. The Cardano team hints at plans to support other coins such as Bitcoin and Ethereum classic in the near future. The wallet is highly secure and promises to optimize users’ cryptocurrency accounting experience.
Cardano is an exciting platform that holds a lot of promise for blockchain technologies in general. Like most other coins it is still very much appreciated for its trading potentials, rather than its potential uses. But, it is one of the few coins that look like they can withstand the test of time and actually become relevant in the world of blockchain technologies.